Revenue growth has decelerated significantly from 20.6% in 2023Q4 to 2.7% in 2026Q1, while gross margins have simultaneously contracted from 50.4% to 46.1% over the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 3.46B | 3.44B | 3.37B | 2.96B | 2.53B | 2.42B | 1.99B | 2.07B | 1.9B | 1.77B | 1.61B | 1.62B | 1.81B | 1.84B | 1.79B | 1.65B | 1.3B | 1.11B | 1.11B | 547.58M | 435.83M | 297.57M | 284.42M | 260.68M | 116.37M | 92.69M | 76.6M | 64.69M |
| Revenue Growth % | 0.36% | 2.08% | 13.56% | 17.14% | 4.67% | 21.66% | -4.11% | 9.34% | 7.34% | 9.59% | -0.77% | -10.23% | -1.66% | 2.68% | 8.46% | 26.58% | 17.08% | 0.67% | 102.18% | 25.64% | 46.46% | 4.62% | 9.11% | 124.01% | 25.54% | 21% | 18.41% | - |
| Cost of Goods Sold | 1.89B | 1.86B | 1.72B | 1.45B | 1.23B | 1.21B | 1.05B | 1.08B | 995.6M | 952.9M | 868.8M | 915.2M | 1.05B | 1.03B | 960M | 899.2M | 698.9M | 595.9M | 602.1M | 294.44M | 236.5M | 171.76M | 165.94M | 144.83M | 55.87M | 43.59M | 35.59M | 28.13M |
| COGS % of Revenue | - | 54.09% | 51% | 48.95% | 48.41% | 49.97% | 52.71% | 51.98% | 52.52% | 53.96% | 53.92% | 56.36% | 57.8% | 56.22% | 53.59% | 54.44% | 53.56% | 53.47% | 54.39% | 53.77% | 54.26% | 57.72% | 58.34% | 55.56% | 48.01% | 47.03% | 46.46% | 43.49% |
| Gross Profit | 1.57B | 1.58B | 1.65B | 1.51B | 1.31B | 1.21B | 939.8M | 995.3M | 900M | 813M | 742.5M | 708.6M | 763.3M | 805.2M | 831.4M | 752.5M | 606M | 518.6M | 505M | 253.14M | 199.33M | 125.81M | 118.48M | 115.84M | 60.5M | 49.1M | 41.02M | 36.56M |
| Gross Margin % | 45.29% | 45.91% | 49% | 51.05% | 51.59% | 50.03% | 47.29% | 48.02% | 47.48% | 46.04% | 46.08% | 43.64% | 42.2% | 43.78% | 46.41% | 45.56% | 46.44% | 46.53% | 45.61% | 46.23% | 45.74% | 42.28% | 41.66% | 44.44% | 51.99% | 52.97% | 53.54% | 56.51% |
| Gross Profit Growth % | - | -4.35% | 9% | 15.9% | 7.94% | 28.71% | -5.58% | 10.59% | 10.7% | 9.49% | 4.78% | -7.17% | -5.2% | -3.15% | 10.48% | 24.17% | 16.85% | 2.69% | 99.5% | 26.99% | 58.44% | 6.19% | 2.27% | 91.49% | 23.2% | 19.72% | 12.19% | - |
| Operating Expenses | 1.4B | 1.34B | 1.4B | 1.08B | 873M | 796.3M | 691.5M | 694.4M | 618.1M | 578.6M | 539.5M | 537.9M | 625.2M | 628.4M | 637.7M | 596.9M | 450.3M | 255.3M | 388.3M | 198.51M | 162.95M | 115.17M | 119.59M | 125.53M | 54.75M | 45.83M | 40.28M | 33.38M |
| OpEx % of Revenue | - | 39.04% | 41.48% | 36.31% | 34.5% | 32.93% | 34.79% | 33.5% | 32.61% | 32.77% | 33.48% | 33.13% | 34.56% | 34.16% | 35.6% | 36.14% | 34.51% | 22.91% | 35.07% | 36.25% | 37.39% | 38.7% | 42.05% | 48.15% | 47.05% | 49.44% | 52.58% | 51.6% |
| Selling, General & Admin | 963.2M | 946.5M | 893.8M | 729.4M | 607.4M | 562.3M | 477.8M | 504.8M | 444.7M | 415.9M | 390.5M | 392.2M | 451M | 437.9M | 442.4M | 403.6M | 297.3M | 255.3M | 254.5M | 140.04M | 112.99M | 73.81M | 76.38M | 77.75M | 33.81M | 27.72M | 20.25M | 14.76M |
| SG&A % of Revenue | - | 27.54% | 26.55% | 24.6% | 24% | 23.26% | 24.04% | 24.36% | 23.46% | 23.55% | 24.24% | 24.15% | 24.93% | 23.81% | 24.7% | 24.44% | 22.78% | 22.91% | 22.99% | 25.57% | 25.92% | 24.8% | 26.85% | 29.83% | 29.06% | 29.9% | 26.43% | 22.81% |
| Research & Development | 399.4M | 395.2M | 376.5M | 294.8M | 235.9M | 220.8M | 198M | 187.7M | 173.4M | 162.7M | 149M | 145.7M | 174.2M | 190.5M | 195.3M | 177.2M | 141.4M | 126.4M | 133.8M | 58.47M | 49.96M | 41.36M | 43.22M | 38.03M | 20.73M | 18.47M | 20.03M | 15.14M |
| R&D % of Revenue | - | 11.5% | 11.18% | 9.94% | 9.32% | 9.13% | 9.96% | 9.06% | 9.15% | 9.21% | 9.25% | 8.97% | 9.63% | 10.36% | 10.9% | 10.73% | 10.84% | 11.34% | 12.09% | 10.68% | 11.46% | 13.9% | 15.2% | 14.59% | 17.82% | 19.92% | 26.15% | 23.4% |
| Other Operating Expenses | 2M | 0 | 126.1M | 52.2M | 29.7M | 13.2M | 15.7M | 1.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.1M | 5.8M | 200K | 0 | 0 | 0 | 0 | 0 | 9.74M | 202K | -356K | 0 | 3.49M |
| Operating Income | 168.9M | 236M | 253.1M | 436.9M | 432.7M | 413.3M | 248.3M | 300.9M | 262.4M | 214.7M | 177.2M | 145.7M | 105.4M | 148.2M | 156M | 155.6M | 155.7M | 136.7M | 108.2M | 49.97M | 30.66M | 10.64M | -1.12M | -9.68M | 5.75M | 3.27M | 734K | 3.18M |
| Operating Margin % | 4.88% | 6.87% | 7.52% | 14.74% | 17.1% | 17.09% | 12.49% | 14.52% | 13.84% | 12.16% | 11% | 8.97% | 5.83% | 8.06% | 8.71% | 9.42% | 11.93% | 12.27% | 9.77% | 9.13% | 7.04% | 3.57% | -0.39% | -3.71% | 4.94% | 3.53% | 0.96% | 4.91% |
| Operating Income Growth % | - | -6.76% | -42.07% | 0.97% | 4.69% | 66.45% | -17.48% | 14.67% | 22.22% | 21.16% | 21.62% | 38.24% | -28.88% | -5% | 0.26% | -0.06% | 13.9% | 26.34% | 116.54% | 62.96% | 188.23% | 1051.52% | 88.45% | -268.51% | 75.53% | 345.91% | -76.91% | - |
| EBITDA | 397.1M | 456.3M | 436.9M | 551.8M | 521.4M | 502.5M | 328.7M | 376.5M | 327.3M | 278.6M | 231.5M | 199M | 165.1M | 209.5M | 215.1M | 158.6M | 161.5M | 166.4M | 138.1M | 62.59M | 43.95M | 19.25M | 8.68M | 7.19M | 13.94M | 9.31M | 4.88M | 6.66M |
| EBITDA Margin % | 11.48% | 13.28% | 12.98% | 18.61% | 20.6% | 20.78% | 16.54% | 18.17% | 17.27% | 15.78% | 14.37% | 12.26% | 9.13% | 11.39% | 12.01% | 9.6% | 12.38% | 14.93% | 12.47% | 11.43% | 10.08% | 6.47% | 3.05% | 2.76% | 11.98% | 10.05% | 6.37% | 10.3% |
| EBITDA Growth % | -5.36% | 4.44% | -20.82% | 5.83% | 3.76% | 52.88% | -12.7% | 15.03% | 17.48% | 20.35% | 16.33% | 20.53% | -21.19% | -2.6% | 35.62% | -1.8% | -2.94% | 20.49% | 120.62% | 42.42% | 128.36% | 121.86% | 20.62% | -48.41% | 49.68% | 90.88% | -26.79% | - |
| D&A (Non-Cash Add-back) | 228.2M | 220.3M | 183.8M | 114.9M | 88.7M | 89.2M | 80.4M | 75.6M | 64.9M | 63.9M | 54.3M | 53.3M | 59.7M | 61.3M | 59.1M | 3M | 5.8M | 29.7M | 29.9M | 12.63M | 13.29M | 8.61M | 9.79M | 16.87M | 8.2M | 6.04M | 4.14M | 3.49M |
| EBIT | 67.2M | 82.3M | 254.8M | 560.6M | 430M | 407.9M | 240.2M | 296.4M | 275.2M | 235.6M | 207.8M | 182.6M | 114.6M | 177.8M | 152.6M | 152.8M | 155.7M | 136.6M | 104.9M | 50.45M | 36.39M | 22.42M | -2.74M | -9.68M | 5.65M | 1.37M | 734K | 3.18M |
| Net Interest Income | -32.6M | -45.5M | -38.6M | -8.9M | -13.3M | -13.4M | -11.2M | -14.7M | -11.4M | -14.6M | -12.9M | -11.8M | -5.2M | -12.4M | -13.4M | -5.7M | -4.1M | -6.5M | -6.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 2.9M | 14.8M | 9.3M | 7.5M | 2.8M | 900K | 3.2M | 1.3M | 1.2M | 800K | 300K | 1.2M | 800K | 1M | 900K | 1M | 900K | 1M | 4.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 58.9M | 60.3M | 47.9M | 16.4M | 16.1M | 14.3M | 14.4M | 16M | 12.6M | 15.4M | 13.2M | 13M | 6M | 13.4M | 14.3M | 7.3M | 5.6M | 7.5M | 40.5M | 11.84M | 3.96M | 0 | 3.85M | 6.36M | 20.15M | 0 | 0 | 1.35M |
| Other Income/Expense | -170.9M | -215M | -47.9M | 109.3M | -17.8M | -19.7M | -22.5M | -20.5M | -17.7M | -21.7M | -4.2M | -17.7M | -4.1M | -23.6M | -17.7M | -10.1M | -5.6M | -7.6M | -15M | -89.09M | 3.76M | -780K | -3.78M | 1.85M | -9.88M | 2.73M | 1.59M | -1.32M |
| Pretax Income | -2M | 21M | 205.2M | 546.2M | 414.9M | 393.6M | 225.8M | 280.4M | 244.7M | 197.8M | 177.6M | 128M | 101.3M | 124.6M | 138.3M | 145.5M | 150.1M | 129.1M | 93.2M | 48.61M | 34.42M | 11.95M | -4.9M | -7.83M | -4.14M | 6.01M | 2.32M | 1.86M |
| Pretax Margin % | -0.06% | 0.61% | 6.1% | 18.42% | 16.39% | 16.28% | 11.36% | 13.53% | 12.91% | 11.2% | 11.02% | 7.88% | 5.6% | 6.77% | 7.72% | 8.81% | 11.5% | 11.58% | 8.42% | 8.88% | 7.9% | 4.02% | -1.72% | -3% | -3.56% | 6.48% | 3.03% | 2.88% |
| Income Tax | 23.1M | 29.3M | 91.4M | 117.7M | 116.4M | 113M | 64.4M | 82.4M | 63.7M | 117.5M | 23.1M | 23.1M | 41.7M | 42.8M | 60.1M | 51.5M | 53.3M | 48.1M | 28M | 16.78M | 15.93M | 8.26M | 2.87M | 9.72M | 2.06M | 2.37M | 254K | 986.89K |
| Effective Tax Rate % | -1155% | 139.52% | 44.54% | 21.55% | 28.05% | 28.71% | 28.52% | 29.39% | 26.03% | 59.4% | 13.01% | 18.05% | 41.16% | 34.35% | 43.46% | 35.4% | 35.51% | 37.26% | 30.04% | 34.53% | 46.28% | 69.15% | -58.51% | -124.19% | -49.87% | 39.44% | 10.95% | 52.98% |
| Net Income | -11.6M | -8.6M | 113.1M | 427.2M | 296.6M | 277.1M | 157.8M | 197.2M | 179.7M | 78.6M | 153.6M | 101.6M | 56.7M | 80.1M | 77.5M | 92.3M | 95.4M | 81.2M | 64.9M | 31.53M | 18.48M | 3.65M | -7.83M | -17.55M | -6.2M | 3.64M | 2.25M | 1.25M |
| Net Margin % | -0.34% | -0.25% | 3.36% | 14.41% | 11.72% | 11.46% | 7.94% | 9.51% | 9.48% | 4.45% | 9.53% | 6.26% | 3.13% | 4.35% | 4.33% | 5.59% | 7.31% | 7.29% | 5.86% | 5.76% | 4.24% | 1.23% | -2.75% | -6.73% | -5.33% | 3.92% | 2.94% | 1.93% |
| Net Income Growth % | -114.57% | -107.6% | -73.53% | 44.03% | 7.04% | 75.6% | -19.98% | 9.74% | 128.63% | -48.83% | 51.18% | 79.19% | -29.21% | 3.35% | -16.03% | -3.25% | 17.49% | 25.12% | 105.84% | 70.6% | 406.88% | 146.56% | 55.39% | -183.13% | -270.47% | 61.64% | 80.07% | - |
| Net Income (Continuing) | -9.4M | -8.3M | 113.8M | 428.5M | 298.5M | 280.6M | 161.4M | 198M | 181M | 80.3M | 154.5M | 104.9M | 59.6M | 81.8M | 78.2M | 94M | 96.8M | 81M | 65.2M | 31.83M | 18.49M | 9.79M | -7.76M | -17.55M | -6.18M | 2.69M | 2.07M | 876.04K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 35.8M | 53.8M | 34M | 36.1M | 18M | 14.3M | 13.1M | 31.4M | 8.5M | 8.1M | 6.7M | 6.8M | 5.8M | 4.1M | 3.1M | 3.4M | 2.7M | 1.6M | 800K | 538K | 239K | 233K | 193K | 124K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.08 | -0.15 | 0.76 | 2.90 | 1.99 | 1.81 | 1.02 | 1.26 | 1.14 | 0.49 | 0.95 | 0.60 | 0.33 | 0.48 | 0.46 | 0.55 | 0.58 | 0.49 | 0.39 | 0.60 | 0.18 | 0.10 | -0.08 | -0.17 | -0.12 | -0.05 | 0.04 | 0.03 |
| EPS Growth % | -145.98% | -119.74% | -73.79% | 45.73% | 9.94% | 77.45% | -19.05% | 10.53% | 132.65% | -48.42% | 58.33% | 81.82% | -31.25% | 4.35% | -16.36% | -5.17% | 18.37% | 25.64% | -35% | 233.33% | 86.72% | 218.57% | 52.18% | -41.67% | -140% | -225% | 33.33% | - |
| EPS (Basic) | - | -0.15 | 0.76 | 2.92 | 2.00 | 1.83 | 1.03 | 1.27 | 1.15 | 0.50 | 0.95 | 0.60 | 0.34 | 0.48 | 0.47 | 0.56 | 0.58 | 0.50 | 0.40 | 0.61 | 0.18 | 0.10 | -0.08 | -0.17 | -0.12 | -0.05 | 0.04 | 0.03 |
| Diluted Shares Outstanding | 152.7M | 151.8M | 149.5M | 147.2M | 149.4M | 152.9M | 154.6M | 156.6M | 157.2M | 159.1M | 162.2M | 169.1M | 169.5M | 168.5M | 167.4M | 166.9M | 165.7M | 164.9M | 165.6M | 164.3M | 102.56M | 101.13M | 96.38M | 103.26M | 52.6M | 54.06M | 56.25M | 45.5M |
| Basic Shares Outstanding | 152.2M | 151.8M | 149M | 146.4M | 148.6M | 151.4M | 153.4M | 155.2M | 156.2M | 158.1M | 161.4M | 168.2M | 167.8M | 166.5M | 166M | 165.4M | 164.4M | 163.5M | 162.7M | 161.2M | 101.51M | 100.82M | 96.38M | 103.26M | 52.6M | 54.06M | 56.25M | 45.5M |
| Dividend Payout Ratio | - | - | 26.7% | 6.88% | 10.05% | 8.73% | 15.59% | 12.68% | 13.97% | 32.32% | 16.8% | - | - | - | - | - | 0.1% | - | 594.76% | - | - | - | - | - | - | - | - | - |
Integration and cyclical headwinds
According to the provided financial data, Bruker's year-over-year revenue growth has decelerated significantly from a peak of 20.6% in 2023Q4 to a modest 2.7% in 2026Q1, reflecting the company's sensitivity to capital expenditure cycles and the lumpy nature of high-end instrument installations.
The transition from double-digit growth to low single digits suggests that the company is struggling to maintain momentum amidst broader industrial and academic funding constraints. Investors should monitor whether this deceleration is a temporary byproduct of project-based revenue recognition or a more permanent shift in demand for its core scientific instruments.
As reported in the income statement, Bruker's gross margin has contracted from a high of 50.4% in 2024Q4 to 46.1% in 2026Q1, indicating that the company is facing increased cost pressures in its specialized manufacturing processes and potentially shifting product mix dynamics.
The inability to sustain gross margins above the 50% threshold suggests that the company may be experiencing higher input costs or pricing limitations within its BSI NANO and BEST segments. This margin compression warrants further investigation into whether the recent M&A activity is diluting the overall profitability profile of the firm.
Based on the reported figures, Bruker's operating margin has plummeted from 12.1% in 2023Q4 to a mere 1.2% in 2026Q1, demonstrating a lack of operational efficiency as SG&A and R&D expenses continue to weigh heavily against a slowing top-line revenue base.
The failure of operating income to scale with revenue suggests that the company's high fixed-cost structure is currently a significant liability. This trend implies that management's recent investments in clinical diagnostics and spatial biology have yet to yield the necessary operational leverage to offset integration-related expenses.
Financial statements reveal that Bruker's net income has experienced extreme volatility, including a net loss of $59.6 million in 2025Q3, which highlights the impact of non-operating items and integration costs on the company's bottom-line profitability and overall earnings quality for shareholders.
The erratic nature of net income, coupled with the recent decline in EPS, suggests that investors should look past headline figures to understand the recurring earnings power of the business. The inconsistency in net margins appears to be driven by the integration of recent acquisitions, which may continue to obscure the company's true operational health in the near term.
Data from recent quarters suggests that Bruker's aggressive pivot toward clinical diagnostics through acquisitions like ELITechGroup may be premature, as evidenced by the sharp decline in net margins and the increased debt burden currently weighing on the company's financial flexibility.
Short-sellers would likely focus on the disconnect between the company's high-tech narrative and the deteriorating bottom-line results. There is a risk that the capital-intensive nature of these new segments will continue to suppress margins, making it difficult for the company to return to the profitability levels seen in previous fiscal years.
Quick answers to the most common questions about buying BRKR stock.
For fiscal year 2025, Bruker Corporation (BRKR) reported total revenue of $3.44B. This represents a 5212.2% increase compared to $64.7M in 1999.
Bruker Corporation (BRKR) reported a net loss of $8.6M for the fiscal year ending 2025.
Bruker Corporation (BRKR) reported an operating income of $236.0M, resulting in an operating profit margin of 6.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Bruker Corporation (BRKR) generated $1.58B in gross profit for the year, representing a gross profit margin of 45.9%. This demonstrates the company's core pricing power and production efficiency.